The axe has fallen for Faruk Fatih Özer, who conned more than 390,000 people out of an estimated $2 billion. He will end his life behind bars, after the Turkish justice system sentenced him to more than 11,000 years in prison and a fine of 5 million dollars.
11,000 years in prison for the founder of Thodex
The facts date back to 2021: Faruk Fatih Özer had founded the cryptocurrency exchange Thodex in Turkey and fled with the cash. It is estimated that the then 27-year-old stole funds from more than 391,000 users, for a total haul of more than $2 billion.
Found in August 2022 after being the subject of a red notice issued by Interpol, Faruk Fatih Özer tried to hide in Albania, from where he was subsequently extradited to Turkey to face justice.
Imprisoned since last April, Faruk Fatih Özer has been sentenced to 11,196 years, 10 months and 15 days in prison, in addition to a fine of 135 million lire ($5 million). His brother and sister, who were also involved in the case, received the same sentence.
Advertisement for Thodex from when the crypto exchange was in operation
According to prosecutors, the founder of the exchange had set up a Ponzi pyramid scheme by promising customers everything from luxury cars to heaven.
At the time of the events, when Faruk Fatih Özer fled, his brother and sister were directly imprisoned along with 4 senior executives of the cryptocurrency exchange. At the same time, 83 people were arrested as part of the investigation.
At the end of the trial, the Turkish judiciary acquitted 16 of the 21 defendants present and decided to release 4 of the 7 people imprisoned due to a lack of evidence. During the trial, the accused stated that he was “smart enough to run any institution on Earth,” as evidenced by the fact that he was able to run Thodex at the age of 22, according to him.
The founder of the crypto exchange maintained to the end that he was innocent, claiming that “Thodex was just a company that went bankrupt” and that “there was no mention of a criminal organisation in Thodex”.
